Iran has discovered a new gas field in southern Fars Province containing an estimated 7,500 billion cubic feet of gas, Iranian Oil Minister Mohsen Paknejad said. Paknejad said that seven thousand five hundred billion cubic feet of gas have been discovered, and considering a recovery rate of 73 per cent, it is possible to extract 5 thousand seven hundred billion cubic feet of gas.

 

He said the recoverable volume was equivalent to one block of the South Pars gas field and could supply gas for 15 years. Paknejad said the newly discovered gas was sweet, which would help reduce development and operating costs. He added that the discovery also includes gas condensate, which he said had created significant new wealth for the country.